K1 question

If you could help me with this question.....can somebody other than the taxpayer listed on a K1 claim that K1 on their return instead? Is this at all permissible? and is there another form that would need to be filled out to accompany the K1 that's being filed by someone else?

Is this tax fraud? I'm asking this because I believe the actual owner of the K1 is trying to hide this asset from me. I'm from Minnesota.

Also, I did post a more lengthy message in general litigation because more issues were involved than just this tax question. I was unsure of where to go actually, but an answer to this question may help me further understand the rest of my situation. Thanks alot for your time, I appreciate it.

Are you sure that you mean to refer to a K-1? Form F-1 is issued by a trust, estate, partnership, etc. to show income—it is a lot like a W2. If someone else has received a K-1 that should have been sent to you, that means that you have taxable income from the organization that issued the K-1, and you should report it.

You should also contact the organization that issued the K-1 and get them to revise it and issue it to you.

No, I do mean a K-1. To explain further.....my ex boyfriend owns stock in a s-corporation. He receives a K-1 for his pro-rata share of the corporations income. His K-1 he recieves from the company is in his name and lists the percent of stock he owns in this company. He fills out his taxes using this K-1 along with other forms such as 1040's, 1099's etc.

The ex boyfriend owes me child support. So to reduce or to finese a smaller child support dollar amount, he had someone else claim his K-1's even thou they are still in his name (I subpeonaed that person). That person says that they now own the stock that is reflected by and on the K-1. I said they can't because if they did own that stock they would be receiving the K-1's in THEIR name . They said they could report my ex's K-1's on their return because they now assumed the liability (debt on purchasing stocks originally). I believe that is a seperate issue. I believe that the owner of the stock is the person listed on the K-1. Doesn't that only make sense? Why would the IRS allow another person to file another person's K-1? I believe that the ex's friend is trying to help my ex cover and conceal the ex's true income. Don't you think so?? THanks for your reply. And do you have any idea's about this?

The owner of the stock is the one who is entitled to the income and loss attributable to that stock, and the corporation should reflect that ownership in the K-1s. However, the corporation could make a mistake or the stock could have been transferred without the corporation’s knowing it. So it is possible the story is correct.

It could also be a lie, and I think you have at the least, a justifiable suspicion.